LeaseSolution – facing rapid change with new technology

baczor vince

Since the financial crisis, forward-thinking asset finance companies have been re-appraising their lease administration systems to ensure that they are able to compete successfully in the new post-recessionary environment.

Lessors have been seeking to lower their cost to serve, demonstrate greater flexibility, manage closer vendor partner relationships and comply with increasing levels of regulation.

Indeed many companies have found that their lease administration systems no longer meet the demands of today’s business environment and have sought to upgrade or replace their legacy systems.

One technology company which was established in 2012 specifically to provide a software system suitable for the post-recessionary business environment is LeaseSolution, which was formed by Vince Baczor.

Baczor is a relatively rare individual, a software developer and designer who comes with much leasing industry sales experience. This industry experience was channelled into the creation of LeaseSolution’s newly-launched contract and process management product, LS2.

He told Asset Finance International: “With some 21-years’ experience of lease portfolio management I realized that the key is to get all the related information required in one place. Once achieved, then all of the required management and control can be exercised.

“However, where companies are dependent upon spreadsheets and legacy systems proper control cannot be achieved and the result is excessive cost.”

Baczor explained that LS2 provides successful management of lease portfolios in one place – with user access from anywhere in the world – at any time.

Leases are divided by contract and asset type by way of a variety of templates. Apart from holding essential lease details, calculations and documents, LS2 permits inclusion of any amount of information relating to leased assets, including notice alerts, reminders, notes and processes.

Less time and lower cost

“As the system becomes populated, “he said, “the level of detail and inbuilt calculations help to identify areas of potential exposure. This enables clients to make improvements, reduce or eliminate exposure – and even save money.”

Baczor added: “LS2 allows rapid growth. Access can be by PC, smartphone or tablet – 24/7 from anywhere in the world. The entire concept and architecture ensures agility and flexibility to accommodate change. Unlike many larger established systems, this is achieved in less time and at much lower cost.”

LeaseSolution is Baczor’s second business start-up and comes after two hectic years planning and development in conjunction with “a major UK corporate”.

For lessees it provides software as a tool to help them do their job properly and for lessors, larger brokers & lenders who are currently using an inadequate system to do their job, it has the capacity to deal with large volumes of contracts.

Already LS2 is set to be implemented in Connaught Finance a lender based in Hong Kong with offices in New York, Frankfurt and Sri Lanka.

Connaught Finance is a specialist in creating structured finance packages for clients who wish to fund projects or acquire equipment. In addition it provides equity investments in certain market segments such as logistics, manufacturing, technology and sustainable energy.

Looking ahead, Baczor predicts that rapid change is set to continue in the asset finance and leasing sectors. “People will expect ever more from their systems and it is up to software providers to make available future-proof solutions that will grow and develop with them.”

LeaseSolution aims to be in the forefront of these developments and to “emerge as the primary software choice in the market sector with a portfolio of clients globally”.

“The world continues to shrink,” he added, “the leasing industry has found its feet again – we are surrounded by progress and we believe that the timing of this product is most appropriate.”